Vedder Price announced that Christopher S. Harrison has joined the firm as a Finance & Transactions Partner in the firm’s London office. Mr. Harrison joined from Pillsbury Winthrop Shaw Pittman LLP’s Finance group.

“We are pleased to add another impressive leveraged finance and capital markets attorney to our London office,” said Michael A. Nemeroff, President and CEO of Vedder Price. “Chris brings world-class leveraged finance and capital markets experience for our clients.”

For over 25 years, Mr. Harrison has represented financial institutions, funds and corporate and government entities on complex cross-border leveraged finance and capital market transactions across a wide range of industries, including transportation, energy, telecommunications, media and financial services sectors.

Mr. Harrison has extensive experience with debt and equity products and the structuring of acquisitions, spin offs and disposals from investment grade to distressed assets and has worked extensively with investment funds advising on the effective deployment of capital and activist strategies to drive value. Mr. Harrison has advised various funds and other bondholder groups in restructuring situations, advising on the use of UK/EU insolvency, Companies Act and U.S. Bankruptcy Code procedures, hold outs, consent solicitations and exchange offers to create leverage and enhance negotiated solutions.

“Chris’s broad finance practice and solid client base are a perfect fit for Vedder and exactly what we need to enhance our finance capabilities and support corporate private equity in London,” said Derek Watson, Administrative Partner of the London office. “The addition of Chris on the heels of Trevor Wood a few months ago shows the firm’s commitment to the strategic growth of our London corporate practice and I am very much looking forward to working with him.”

“Vedder’s platform allows me to deliver best-in-class service to my clients and I’m thrilled to play a part in expanding our capabilities as this team continues to grow,” said Mr. Harrison. ”I look forward to working with my talented new colleagues in London and across all our offices.”

Mr. Harrison earned his LL.B. from the University of Bristol. He is admitted to practice in England and Wales.

Intellectual Property Shareholder Daniel H. Shulman joined Tom Bronson on his podcast, Maximize Business Value, a podcast for business owners looking to build long term sustainable value to their businesses. Mr. Shulman discussed the importance of protecting intellectual property, as well as outlined what qualifies as intellectual property, how and why you should protect it, and common mistakes business owners make when it comes to protecting it.

To listen to the podcast in full, click here.

Vedder Price announced that Christopher S. Harrison has joined the firm as a Finance & Transactions Partner in the firm’s London office. Mr. Harrison joined from Pillsbury Winthrop Shaw Pittman LLP’s Finance group.

“We are pleased to add another impressive leveraged finance and capital markets attorney to our London office,” said Michael A. Nemeroff, President and CEO of Vedder Price. “Chris brings world-class leveraged finance and capital markets experience for our clients.”

For over 25 years, Mr. Harrison has represented financial institutions, funds and corporate and government entities on complex cross-border leveraged finance and capital market transactions across a wide range of industries, including transportation, energy, telecommunications, media and financial services sectors.

Mr. Harrison has extensive experience with debt and equity products and the structuring of acquisitions, spin offs and disposals from investment grade to distressed assets and has worked extensively with investment funds advising on the effective deployment of capital and activist strategies to drive value. Mr. Harrison has advised various funds and other bondholder groups in restructuring situations, advising on the use of UK/EU insolvency, Companies Act and U.S. Bankruptcy Code procedures, hold outs, consent solicitations and exchange offers to create leverage and enhance negotiated solutions.

“Chris’s broad finance practice and solid client base are a perfect fit for Vedder and exactly what we need to enhance our finance capabilities and support corporate private equity in London,” said Derek Watson, Administrative Partner of the London office. “The addition of Chris on the heels of Trevor Wood a few months ago shows the firm’s commitment to the strategic growth of our London corporate practice and I am very much looking forward to working with him.”

“Vedder’s platform allows me to deliver best-in-class service to my clients and I’m thrilled to play a part in expanding our capabilities as this team continues to grow,” said Mr. Harrison. ”I look forward to working with my talented new colleagues in London and across all our offices.”

Mr. Harrison earned his LL.B. from the University of Bristol. He is admitted to practice in England and Wales.

On November 17, 2020, Vedder Price’s client, Perpetual Limited (“Perpetual”), announced the closing of its acquisition of a 75% stake in Barrow, Hanley, Mewhinney & Strauss, LLC (“Barrow Hanley”) from BrightSphere Investment Group Inc.

The acquisition brings together two complementary investment brands. Based in Dallas, with a presence in London and Hong Kong, Barrow Hanley has approximately $41 billion in assets under management as of October 31, 2020, across U.S. equities, global equities, global emerging markets equities, and fixed income strategies. The acquisition aligns with Perpetual’s strategy to build world-class investment capabilities and a global distribution footprint.

Adam S. Lewis, Julia L. Brook, Joseph T. Bueche and Wade Martin (Finance & Transactions), and Nathaniel Segal and Joseph M. Mannon (Investment Services) led the team from Vedder Price. Also providing key input on the deal were Matthew T. O’Connor (Debt Financing), Philip L. Mowery (Employee Benefits), Andrew Falevich and Matthew P. Larvick (Tax), Brian K. McCalmon (HSR), Cara J. Ottenweller (Labor & Employment), Michael J. Turgeon (Intellectual Property), Tyrique J. Wilson and Adam S. Goldman (Investment Adviser and regulatory matters) and Jonathan Edgelow and Esther Langdon (UK corporate and regulatory matters). Other contributors included Timothy M. McNeilly, Stephanie Michaels and Madeline L. Revell.

“This marks Perpetual’s second acquisition in the last six months where Vedder has provided key assistance, and closing this deal is a testament to Perpetual’s continuing success in a time of market uncertainty,” said Mr. Segal. “We’re proud that Vedder’s cross-disciplinary team has played a part in furthering Perpetual’s growth strategy and look forward to our continued partnership.”

Perpetual, founded in 1886 and one of Australia’s largest wealth managers, is a diversified financial services company providing specialized investment management, wealth advice and corporate fiduciary services

What’s the new law all about?

On 6 April 2021, the delayed off payroll working/IR35 rules take effect in the private sector, being brought in to address non-compliance with IR35 in the private sector. The new law:

• applies when an individual provides services personally to a client/end user via a qualifying intermediary (personal service company, partnership or individual);
• moves responsibility for determining employment status and deducting payroll taxes to the client/end user.
  
  

Do the new rules affect me?

The law affects all UK businesses that use intermediaries other than those in the small business exemption, and requires cooperation along the contingent labour supply chain.

Is “doing nothing” an option?

Not without risking a tax bill, HMRC investigation and bad press.

What must end users do to comply?

• Use reasonable care to make employment status determination statement (SDS)/IR35 assessments for theircontractors, asking if, absent the intermediary, the nature and conditions of the work would cause the worker to be classed, for tax purposes, as an employee;
• before first payment, provide a copy of the SDS, and rationale, to the contractor and down the supply chain;
• implement a process for resolving employment status disputes (and appeals); respond to challenges within the 45 day time limit.
  
  

As end users, what steps should we be taking now?

The team: Who will take ownership of off payroll working compliance? Multi-disciplinary: HR, tax, procurement, legal.

Audit of contingent workforce and review of labour supply chains: Who are your contractors and how are they engaged (e.g., directly, through personal service company or umbrella)?

Assess the impact of the new regime: Carry out SDSs and analyse what impact the new regime will have. Do engagements need ending, or renegotiating? Do working practices and arrangements need to change?

Implementing compliance process going forward: How will new contractors be identified? How will working practices be monitored and how will SDSs be kept up to date?

This is a snapshot summary of the key provisions only. If you have any questions or would like assistance with off payroll working compliance, please contact Jonathan Maude (jmaude@vedderprice.com), Esther Langdon (elangdon@vedderprice.com), or Daniel Stander (dstander@vedderprice.com).

Vedder Price Global Transportation Finance attorneys Edward K. Gross and Melissa W. Kopit recently co-authored the leasing law column in ELFA’s Equipment Leasing & Finance Magazine. The article, “Air, Rail and Marine Legal Update,” outlines a controversial new rule authorizing the use of certain rail assets, bankruptcy restructuring considerations for vessel financiers, and regulatory and case law developments that should be of interest to aircraft financing providers. To read the article in full, check out the November/December issue here. 

Please access webinar recording here.

Agenda Topics

This webinar will be presented by a cross-industry team of aviation and derivatives attorneys that have been closely following developments related to LIBOR transition. The central assumption that firms cannot rely on LIBOR being published after the end of 2021 has not changed (despite COVID), and regulators worldwide are now expecting action from cash and derivatives market participants. The team will provide an overview of how LIBOR transition is being addressed in the cash and derivatives markets in light of these fast approaching deadlines.

Event Details

Thursday, 19 November, 2020
9:00–10:00 a.m. CT | 10:00–11:00 a.m. ET | 15:00–16:00 GMT | 23:00–24:00 SGT
Online Seminar

Please join us at the following 90-minute complimentary webinar led by the
Labor & Employment attorneys of Vedder Price.

Event Details

Wednesday, December 16, 2020
9:00 a.m. PT | 11:00 a.m. CT | 12:00 p.m. ET
Online Seminar

Who should attend: These events are intended for in-house counsel and human resource professionals.

Agenda Topics

COVID stimulus

Health care and employee benefit initiatives

The traditional labor landscape

A new Department of Labor focus

Immigration policy changes

CLE & HRCI Credit

Vedder Price is an accredited CLE provider in California, Illinois, and New York; and, when possible, a sponsor in Virginia.

HRCI credit may be made available.


To learn more about other 2020 Vedder Works webinars, please click here.